Is it time to short sell your home?

Not sure what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This situation is often caused by home values in a market rapidly declining.

For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.

How to do a short sale:

First, figure out the true market value of your home. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate agent that knows the current conditions of the Rolling Hills Estates real estate market is a sound way to get a realistic opinion of what your home could sell for.

Need real estate advice? Contact us today to find out how Peninsula Properties can help.

Next, find out your closing costs. The knowledgeable real estate professionals at Peninsula Properties will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.

Finally, get in touch with your lender and notify them of your situation. They may even have a dedicated team that deals with short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to agree to the final sale.

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